Luminous Group Secures £1 Million Funding to Expand Training Tech Platform
Luminous Group, a Newcastle-based 3D digital technology specialist, has successfully raised £1 million in funding, paving the way for job creation and expansion. The company, known for its expertise in virtual reality, develops immersive training programs for businesses. Having already collaborated with international firms, including a Mexican car factory, Luminous Group plans to utilize the funding from the North East Venture Fund, supported by the European Regional Development Fund and managed by Mercia Ventures, to reach a wider audience and generate 10 new employment opportunities in the coming year.
In anticipation of an expanding client base in the Middle East, Luminous Group will establish a third office in the region, augmenting its existing locations in the North East and London. The company’s innovative Luminous XR (extended reality) platform combines augmented, mixed, and virtual reality, empowering users to swiftly create and monitor training programs. Particularly suited for energy companies and manufacturers, the system recreates real-life scenarios, including hazardous environments, in a safe and repeatable manner. Luminous has already secured a significant contract with a leading energy company in the Middle East and recently inaugurated an international office in Bahrain.
With plans to open an office in Saudi Arabia later this year and launch a global marketing campaign, Luminous Group aims to enhance its platform, making it fully self-service for companies to develop their own training programs. Additionally, the company will introduce a new marketplace where training providers can sell their own content.
Luminous Group, led by CEO Ben Bennett and CTO Nigel Hope, initially received investment from Mercia Ventures in 2017 to support platform development. This latest funding round marks the third to date, bringing the company’s total funding to over £1.9 million, including contributions from the NEVF and Mercia’s EIS funds.
Commenting on the industry’s progress, Mr. Bennett stated, “While it is still early days for the ‘metaverse,’ VR and XR technologies have advanced significantly, and the launch of Apple’s first mixed-reality headset next year is expected to raise awareness and drive demand. The funding received from Mercia puts Luminous in a strong position to capitalize on that.”
Chris McCourt, representing Mercia Ventures, added, “Current training techniques employed in the industry are expensive and outdated. Immersive training in a virtual environment has the potential to greatly improve performance, but creating such programs has been challenging until now. The Luminous XR platform is facilitating much broader adoption. This recent investment will enable the company to scale its business and become a global leader in XR training.”
With this latest funding injection, Luminous Group is poised to revolutionize training methodologies and solidify its position in the ever-expanding XR market.
